Vascular Pharma completes $16M equity financing, signs agreement with Janssen

Thursday, September 13, 2012 08:00 AM

Vascular Pharmaceuticals, a drug discovery company developing a product to treat patients with complications arising from diabetes, has successfully completed a $16 million Series A equity financing.

The Series A financing was co-led by Intersouth Partners and MPM Capital and is the company's first institutional round of funding. Vascular Pharma will use the $16 million to continue development of VPI-2690B, a pre-clinical candidate for the treatment of diabetic nephropathy.

In addition to the Series A financing, Vascular Pharma has entered into an agreement with Janssen Biotech, which grants the latter the exclusive right, at its own discretion, to acquire Vascular Pharma following the completion of a planned phase II clinical study of VPI-2690B upon pre-negotiated terms and conditions set forth in the agreement. Janssen will provide Vascular Pharma with an initial upfront payment and certain contingent milestone payments in return for its rights under the agreement.

Vascular Pharma's development efforts are focused on its preclinical candidate, VPI-2690B, which targets a pathway that is stimulated by hyperglycemia. In multiple animal studies, VPI-2690B has been shown to slow the development of diabetic complications including nephropathy, accelerated atherosclerosis and retinopathy.

Share:          
CLINICAL TRIAL RESOURCES

Search:

NEWS ONLINE ARCHIVE

Browse by:

CWWeekly

December 15

Cancer Treatment Centers of America chooses WCG as its exclusive IRB, sheds five local hospital IRBs

Five southern research groups form public-private network to help save time, money for clients with early-stage biologics

Already a subscriber?
Log in to your digital subscription.

Subscribe to CWWeekly.

The CenterWatch Monthly

December

Growing adoption of feasibility review committees
Early reports cite fewer amendments, improved cycle time

AMCs vying to better compete for industry trials
Working to conquer study start-up delays, IRB review process

Already a subscriber?
Log in to your digital subscription.

Purchase the October issue.

Subscribe to
The CenterWatch Monthly.

The CenterWatch Monthly

November

Private equity driving dynamic CRO growth
Enables CROs to pursue long-term strategies, while giving the space credibility

Baby boomers poised to reshape clinical trials industry
Millions of tech-savvy consumers already track their health, expect new treatments as they age

Already a subscriber?
Log in to your digital subscription.

Purchase the September issue.

Subscribe to
The CenterWatch Monthly.

JobWatch centerwatch.com/jobwatch

Featured Jobs